Also: SBA asks PPP lenders to focus on underserved areas; Compliance Monitor details servicing business accounts



NAFCU TODAY | The News You Need Daily.

June 16, 2020



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Trump nominates Hauptman to NCUA Board [ [link removed] ]
President Donald Trump Monday nominated Kyle Hauptman to the NCUA Board. Hauptman currently serves as economic policy advisor to Sen. Tom Cotton, R-Ark. NAFCU President and CEO Dan Berger spoke to Hauptman following the announcement to congratulate him on the nomination.


SBA to PPP lenders: Focus on underserved areas [ [link removed] ]
Small Business Administration (SBA) Administrator Jovita Carranza Monday sent a message to lenders participating in the paycheck protection program (PPP) encouraging them "to redouble [their] efforts to assist eligible borrowers in underserved and disadvantaged communities." More than 700 credit unions with assets of less than $1 billion are PPP lenders, and the most recent PPP loan data demonstrates their commitment to reaching the smallest businesses in need.


Compliance Monitor covers serving business accounts [ [link removed] ]
As serving businesses can present a unique set of compliance challenges for credit unions, the June edition of NAFCU's Compliance Monitor – now available in a digital format – features a refresher on which federal laws and regulations apply to business accounts. The monthly e-newsletter is a free, member-only benefit designed to help credit union compliance officers stay up-to-date on the latest issues and manage their responsibilities.






NAFCU reiterates call for a national data security, privacy standard ahead of HFSC hearing [ [link removed] ]
Ahead of a House Financial Services subcommittee hearing on cybersecurity and cybercriminal exploitation amid the pandemic, NAFCU's Brad Thaler told members how credit unions are seeking to combat a rise in fraudsters targeting members during this time and urged the subcommittee to continue to work on a national data security standard – specifically for institutions that collect and store consumer information. Thaler also recommended a national standard for data privacy to ensure consistency throughout the country.


FHFA releases updates reflecting COVID-19 impact on GSEs [ [link removed] ]
The Federal Housing Finance Agency (FHFA) Monday issued its 2019 Report to Congress – outlining efforts to ensure safety and soundness within the housing market and the government-sponsored enterprises' (GSEs) financial condition, as well as its response to the coronavirus pandemic – and a notification that it plans to re-propose minimum financial eligibility requirements for Fannie Mae and Freddie Mac Seller/Servicers.



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